Bense: Spend Triumph money wisely

“We still have $1.2 billion that is subject to the whim of the Legislature,” said Allan Bense, Triumph Gulf Coast chairman. “And that’s a lot of money for the legislators to be looking at.”

JOHN HENDERSON News Herald Reporter @PCNHJohn

PANAMA CITY — Triumph Gulf Coast funding could be disbursed by the end of the year, but selected projects will be under close scrutiny, the nonprofit agency’s chairman said Tuesday.

“We want to start writing checks by the end of the year,” said Allan Bense, speaking Tuesday to the CEOs of several major companies in Bay County and local college officials. But he warned those selected for first-round funding — $300 million ready and waiting in the bank — would be under the microscope.

“We now have control of the $300 million; we can’t lose it,” he said at the Florida Chamber-sponsored program at Gulf Coast State College’s Advanced Technology Center. However, “we still have $1.2 billion that is subject to the whim of the Legislature, and that’s a lot of money for the legislators to be looking at. Having said that, we have to be thoughtful, meticulous on how we organize Triumph Gulf Coast.”

Bense said the Triumph board met for the first time two weeks ago.

“We established our legal team, our CPA team. We have a director,” he said, adding a contract is being prepared to hire Susan Skelton, a former Florida Senate aide, as executive director. "We’re working out a contract with her. We’ll have that ready in two weeks.”

Bense will relinquish the chairmanship of the board to former state Sen. Don Gaetz when Bense’s term ends in six months but will remain on the board. He said the board in the next month will be developing a framework outlining how the application process will work for Triumph funding.

He said the board wants projects that have matching funds — be they county, city or federal dollars.

“Triumph is not going to do it all,” he said. “We want to leverage that money. Let’s take $1.5 billion and make it $6 billion by leveraging other sources of money that are out there, including federal dollars. There are a lot of federal transportation dollars, for example, that we can leverage.”

Bense said the Triumph funds will not be spent on projects that cities and counties should be funding.

“You want to build a boat ramp to Destin? Forget about it,” he said. “We don’t have an interest in that. That’s a county responsibility. You want us to replace your leaky water pipes in Fort Walton Beach? No. That’s the city’s responsibility and the county’s responsibility. We want to do whatever we can to enhance economic development and also enhance our workforce.”

The Legislature this session passed a bill that frees up the Triumph money BP has agreed to pay out for economic restoration of the eight counties — Escambia, Santa Rosa, Okaloosa, Walton, Bay, Gulf, Franklin and Wakulla — most affected by the 2010 Deepwater Horizon oil spill. The first $300 million has been turned over to Triumph coffers and is making more than $400,000 a month in interest, Bense said. The remaining $1.2 billion is set to be paid out in increments of $100 million a year through 2033.

Bense said the board does not plan to rush just to start spending money unless the projects are worthy. Triumph Gulf Coast was designed to be spent on projects that further education and economic development. The legislation allows county commissions in the eight Panhandle counties to recommend how $15 million is spent in their counties, but the Triumph board has the final say.

“What could it be used for?” Bense said. “We can’t go to Boeing and say, ‘Here’s $10 million if you’ll locate at the Pensacola airport.’ We can’t do that. No incentive money.”

But if an industry does want to locate here or an existing one wants to expand, the Triumph funds can be spent on public infrastructure that can benefit the company.

“We can build a road from a building off the airport to the ramp, perhaps,” Bense said. “There are a lot of things we can do.”